UPS inking multi-billion-dollar air deal with DHL Express

United Parcel Service Inc. reported in May it would lend a hand to rival DHL Express U.S., and in the process gain $1 billion in revenue annually.

"We believe this arrangement with DHL would represent a wise use of our assets and network capacity while creating a substantial and profitable revenue stream for our company," said David Abney, UPS chief operating officer, at the time. "We plan to move forward quickly on the final contract."

The agreement would not have involved the pick-up or delivery of DHL packages to their customers, only the transport of packages, primarily between airports, in North America.